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CONSUMER CYCLICALS: Kering; FY24 earnings (x3)

CONSUMER CYCLICALS

(KERFP; NR/BBB+ Stable) 

60 slides before getting to FY numbers on the presentation this morning. It summarises earnings - very subjective turnaround story, no numbers to show, but company says full price LFL sales will be positive this year (despite confirming it is yet to see that). That will net out a purposeful pullback in wholesale markets and flat Opex to leave EBIT stable (it says). It expects this recovery in headline/stabilisation on bottom line to be gradual through the year (i.e. 1H < 2H).

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(KERFP; NR/BBB+ Stable) 

60 slides before getting to FY numbers on the presentation this morning. It summarises earnings - very subjective turnaround story, no numbers to show, but company says full price LFL sales will be positive this year (despite confirming it is yet to see that). That will net out a purposeful pullback in wholesale markets and flat Opex to leave EBIT stable (it says). It expects this recovery in headline/stabilisation on bottom line to be gradual through the year (i.e. 1H < 2H).

Keep reading...Show less